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CVC, Natixis price euro-denominated CLOs; new issue European supply tops 2016 volume
By Cristal Cody
Tupelo, Miss., Dec. 11 The European CLO primary market remains active into the year-end, according to informed sources on Monday.
CVC Credit Partners European CLO Management LLP priced 415.1 million of notes in a new CLO deal.
Natixis Asset Management tapped the primary market with a debut 308.4 million transaction.
After the busiest month of the post-crisis era, with 4.8 [billion] of new issues pricing in November 2017, the primary market for European CLOs remains active in December, BofA Merrill Lynch analysts said in a note released on Monday. New issue volumes have now reached 20.1 [billion] for the year, well ahead of the previous full-year high of 16.5 [billion] set in 2016.
In its deal, CVC Credit Partners European CLO Management priced 415.1 million of notes due Jan. 27, 2031 in the new CVC Cordatus Loan Fund X DAC broadly syndicated CLO, according to market sources.
The CLO sold 206 million of class A-1 senior secured floating-rate notes at Euribor plus 72 basis points and 30 million of 1.15% class A-2 senior secured fixed-rate notes in the senior tranches.
Meanwhile, Natixis Asset Management priced 308.4 million of notes due 2031 in the transaction, according to market sources.
Purple Finance CLO 1 DAC sold 173.7 million of class A senior secured floating-rate notes at Euribor plus 80 bps at the top of the capital structure.
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